PIA Press Release2006/10/25

PGMA elated over stock market's 9-year high

Manila (25 October) -- ELATED over the performance of the stock market, which closed Monday at its highest finish in more than nine years, President Gloria Macapagal-Arroyo said Tuesday that the country's good fiscal condition is now being felt by ordinary Filipinos.

"This is the highest in the nine years since the Asian crisis struck in 1997," Arroyo told a roundtable discussion in Malacaņang.

"Our economy is improving, we are reducing our borrowing, all this is geared toward raising the lives of the ordinary citizen," she said.

The government has credited tough decisions of the executive matched by the passage of much-needed tax legislations, the downtrend in prices of oil and the strong peso for the economic improvement of the past months. (PIA-MMIO) [top]